1. To understand the basic role and functions of managerial accounting and costing concepts. (CLO 1)
2. Analyze cost behavior and how it is used in analysis and forecasting. (CLO 2)
3. Understand the concepts and process of budgets, the components of a master budget

and develop budgeted financial statements (CLO 3)

Description:

Select a small local store, in your area who manufactures goods and sell it to customers all through the year. Conduct an interview and identify/analyze their entire manufacturing process. Based on your interview data, you will have to prepare a Master Budget for that shop for the next financial year, i.e., 2022. Prepare a forecasted Income statement and Balance sheet for the year 2022 from your master budget